Quick Check Error -form K-1 Wks-S Corporation Additional Information Box 17, Code K

[dno]

When I run quick check, I get an error indicating that on form K-1 Wks-S Corporation Additional Information Box 17, Code K  I need to check one of three boxes indicating how S Corporation shares were disposed.

My K-1 does not have a Code K listed in box 17. I did not disposition any Shares.  I do have codes A, AC and V STMT, but no K.  Ho do I resolve this?

[PatriciaV]

It depends. Schedule K-1 Box 17 Code K reports dispositions of property with Section 179 deductions. Generally, this activity will have additional information provided on a supplemental sheet with the K-1. Do you have any entries that reference a Section 179 deduction? The other possibility is that the K-1 was marked final or that you checked the box to indicate the S-Corp ended.

If you are unable to resolve this message by reviewing your entries for this K-1, your best option is to delete it from the list of available K-1s, then enter it again. You'll find this list under Wages & Income >> Business Items >> Schedules K-1 >> Edit/Update. Choose the S-Corp K-1 topic, then click Delete beside the K-1 you need to remove.

[dno]

Patricia, THANK YOU! That was it, The final box was checked.